Wall Street Zen Downgrades Inhibrx Biosciences (NASDAQ:INBX) to Strong Sell

Inhibrx Biosciences (NASDAQ:INBX) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday.

A number of other equities research analysts have also commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Inhibrx Biosciences in a report on Tuesday, June 16th. Lifesci Capital raised shares of Inhibrx Biosciences to a “strong-buy” rating in a research note on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $150.00.

Inhibrx Biosciences Price Performance

Shares of INBX opened at $94.62 on Monday. The stock has a 50 day simple moving average of $91.04 and a 200 day simple moving average of $88.87. Inhibrx Biosciences has a 52-week low of $22.40 and a 52-week high of $155.29. The company has a debt-to-equity ratio of 12.58, a quick ratio of 5.07 and a current ratio of 5.07. The firm has a market capitalization of $1.39 billion, a PE ratio of -10.66 and a beta of 3.51.

Inhibrx Biosciences (NASDAQ:INBX) last announced its earnings results on Thursday, August 13th. The company reported ($2.34) EPS for the quarter, missing the consensus estimate of ($2.28) by ($0.06). Sell-side analysts predict that Inhibrx Biosciences will post -10.88 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Perceptive Advisors LLC increased its stake in Inhibrx Biosciences by 9.4% in the 4th quarter. Perceptive Advisors LLC now owns 1,452,707 shares of the company’s stock valued at $114,764,000 after buying an additional 125,000 shares during the last quarter. Morgan Stanley boosted its stake in shares of Inhibrx Biosciences by 163.7% during the 4th quarter. Morgan Stanley now owns 1,167,728 shares of the company’s stock worth $92,251,000 after buying an additional 724,872 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Inhibrx Biosciences during the 2nd quarter worth about $79,698,000. BlackRock Inc. acquired a new stake in shares of Inhibrx Biosciences in the second quarter valued at about $78,261,000. Finally, Sofinnova Investments Inc. increased its position in shares of Inhibrx Biosciences by 1.5% in the second quarter. Sofinnova Investments Inc. now owns 708,678 shares of the company’s stock valued at $10,113,000 after acquiring an additional 10,762 shares during the last quarter. Institutional investors and hedge funds own 82.46% of the company’s stock.

About Inhibrx Biosciences

Inhibrx, Inc, headquartered in La Jolla, California, is a clinical-stage biotechnology company focused on the discovery and development of next-generation protein therapeutics. The company’s proprietary protein engineering platform enables the design and production of multispecific and multivalent biologics with tailored binding characteristics and favorable pharmacokinetic properties. By leveraging high-throughput screening and structure-based design, Inhibrx aims to create molecules that address challenging targets in oncology, regenerative medicine and other areas of unmet medical need.

The company’s lead candidate, INBRX-109, is a tetravalent agonist of the receptor tyrosine kinase ROR2 designed to stimulate tissue repair and regeneration.